Vision Profiles Ltd Filleted accounts for Companies House (small and micro)

VISION PROFILES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 3704000

Vision Profiles Ltd

Filleted Unaudited Financial Statements

31 December 2023

Vision Profiles Ltd

Statement of Financial Position

31 December 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	1,421,246	3,417,116

Current assets

Stocks		1,314,514	2,054,372
Debtors	6	969,196	2,054,169
Cash at bank and in hand		602,579	150,298
		------------	------------
		2,886,289	4,258,839

Creditors: amounts falling due within one year	7	1,167,739	1,403,415
		------------	------------
Net current assets		1,718,550	2,855,424
		------------	------------
Total assets less current liabilities		3,139,796	6,272,540

Creditors: amounts falling due after more than one year	8	–	794,488

Provisions

Taxation including deferred tax	312,472	205,118
	------------	------------
Net assets	2,827,324	5,272,934
	------------	------------

Capital and reserves

Called up share capital	9	29,600	29,600
Capital redemption reserve		33,967	33,967
Profit and loss account		2,763,757	5,209,367
		------------	------------
Shareholders funds		2,827,324	5,272,934
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Vision Profiles Ltd

Statement of Financial Position (continued)

31 December 2023

These financial statements were approved by the board of directors and authorised for issue on 19 April 2024 , and are signed on behalf of the board by:

Mr A C Grady

Director

Company registration number: 3704000

Vision Profiles Ltd

Notes to the Financial Statements

Year ended 31 December 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit K, Quedgeley West Business Park, Bristol Road, Gloucestershire, GL2 4PA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	2% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	25% straight line

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 41 (2022: 43 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2023	2,915,701	1,266,626	54,660	374,790	102,754	4,714,531
Additions	26,276	635,782	10,280	111,971	24,582	808,891
Disposals	( 2,915,701)	( 39,950)	–	–	–	( 2,955,651)
	------------	------------	--------	---------	---------	------------
At 31 Dec 2023	26,276	1,862,458	64,940	486,761	127,336	2,567,771
	------------	------------	--------	---------	---------	------------
Depreciation
At 1 Jan 2023	302,741	817,997	50,831	36,450	89,396	1,297,415
Charge for the year	1,200	107,225	3,672	61,421	18,283	191,801
Disposals	( 302,741)	( 39,950)	–	–	–	( 342,691)
	------------	------------	--------	---------	---------	------------
At 31 Dec 2023	1,200	885,272	54,503	97,871	107,679	1,146,525
	------------	------------	--------	---------	---------	------------
Carrying amount
At 31 Dec 2023	25,076	977,186	10,437	388,890	19,657	1,421,246
	------------	------------	--------	---------	---------	------------
At 31 Dec 2022	2,612,960	448,629	3,829	338,340	13,358	3,417,116
	------------	------------	--------	---------	---------	------------

6. Debtors

	2023	2022
	£	£
Trade debtors	704,903	1,209,815
Prepayments and accrued income	112,862	168,988
Corporation tax repayable	18,354	–
Directors loan account	–	542,289
Other debtors	133,077	133,077
	---------	------------
	969,196	2,054,169
	---------	------------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	–	177,088
Payments received on account	8,619	26,397
Trade creditors	909,535	551,269
Accruals and deferred income	14,031	10,150
Corporation tax	–	272,035
Social security and other taxes	226,572	351,240
Director loan accounts	587	–
Other creditors	8,395	15,236
	------------	------------
	1,167,739	1,403,415
	------------	------------

The bank loans are secured on the company's assets.

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	–	794,488
	----	---------

The bank loans are secured on the company's assets.

9. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary 'A' shares of £ 1 each	29,400	29,400	29,400	29,400
Ordinary 'B' shares of £ 1 each	100	100	100	100
Ordinary 'D' shares of £ 1 each	100	100	100	100
	--------	--------	--------	--------
	29,600	29,600	29,600	29,600
	--------	--------	--------	--------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	298,233	8,541
Later than 1 year and not later than 5 years	1,136,526	–
Later than 5 years	1,136,261	–
	------------	-------
	2,571,020	8,541
	------------	-------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A C Grady	542,289	–	( 542,876)	( 587)
	---------	----	---------	----

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A C Grady	409,052	133,237	–	542,289
	---------	---------	----	---------

The director's loan is repayable on demand and interest is payable at HMRC's 'official rate' of interest.